What debit card does not charge fees?

Navigating Debit Card Fees for International Travel

When planning an international trip, choosing the right debit card is crucial to avoid costly fees. Unlike credit cards, debit cards usually charge foreign transaction fees, which can significantly add up. Here’s a guide to help you navigate these fees and select the best debit card for your travel needs:

Understanding Foreign Transaction Fees

Foreign transaction fees are typically charged by banks when you use your debit card outside your home country. These fees vary depending on the bank and the currency exchange rates. For example, a typical foreign transaction fee is around 3%. On a $100 purchase, that’s an extra $3 you’ll have to pay.

Debit Cards with Zero Foreign Transaction Fees

To avoid foreign transaction fees altogether, consider debit cards offered by the following providers:

• Wise: This online money transfer service offers a multi-currency debit card that allows you to hold and spend money in over 50 currencies. It has no foreign transaction fees, making it an excellent option for international travelers.
• Capital One 360 Performance Debit Card: Capital One offers a debit card with no foreign transaction fees, no minimum balance requirements, and unlimited ATM withdrawals worldwide.
• Revolut: A challenger bank that provides a debit card with low foreign exchange rates and no foreign transaction fees. Revolut also offers fee-free ATM withdrawals up to a certain amount.

Other Considerations

Before choosing a debit card for international travel, consider these additional factors:

• ATM Withdrawal Fees: Some banks charge fees for ATM withdrawals abroad. Check the fees of your potential debit card before using it at an ATM.
• Currency Exchange Rates: Debit cards use the interbank exchange rate, which may not be the most favorable rate. Consider exchanging currency before your trip or using an app like Revolut to get better rates.
• Security Features: Make sure your debit card has robust security features to protect your money from fraud and unauthorized transactions.

Conclusion

Choosing a debit card with no foreign transaction fees can save you significant money on international travel. By researching the fees and comparing the options offered by Wise, Capital One, and Revolut, you can select the best card to meet your specific needs. Remember to also consider other factors such as ATM withdrawal fees, currency exchange rates, and security features to ensure a smooth and cost-effective travel experience.